Gurugram Metro extension set to boost realty scenario

By seamlessly integrating Gurgaon into the wider Delhi NCR network, the metro system acts as a dynamic force, propelling the growth and success of commercial real estate development in and around Gurgaon, while simultaneously enhancing the urban experience for residents and visitors alike

In a significant development poised to revolutionize Gurugram's urban and economic landscape, Prime Minister Narendra Modi recently laid the foundation stone for the Gurugram Metro Rail project. This landmark initiative heralds a new era of connectivity, efficiency, and growth for the city and its burgeoning real estate sector.

Bizz Buzz interacted with various real estate developers to know their view. Ravish Kapoor, Managing Director, Elan Group, said, “By seamlessly integrating Gurgaon into the wider Delhi NCR (National Capital Region) network, the metro system acts as a dynamic force, propelling the growth and success of commercial real estate development in and around Gurgaon, while simultaneously enhancing the urban experience for residents and visitors alike”.

The project, a collaborative endeavor between the Haryana government and the Government of India, features a comprehensive 26.65-km metro extension loop that connects Huda City Metro station (now Millennium City Centre Metro station) with Cyber Hub. This includes a crucial 1.85-km spur to the Dwarka Expressway, with a total investment pegged at Rs 5,452 crore.

Vivek Singhal, CEO, Smartworld Developers, commented, “The Gurugram metro extension, complementing this development, represents a significant milestone in the city's journey towards becoming a more connected, accessible, and sustainable urban center and will seamlessly integrate various parts of Gurugram with the existing metro network by providing an efficient and environment friendly transport system for commuters in Gurugram.”

Approved by the Union Cabinet in June 2023, the project underscores the government's commitment to bolstering infrastructure and supporting Gurugram's rapid urbanization and real estate growth. The Gurugram Metro Rail Ltd (GMRC) is tasked with overseeing this transformative project, ensuring its efficient execution and contribution to Gurugram's sustainable urban development.

Rahul Singla, Director, Mapsko Group, said, “With its integration into the broader Delhi NCR network, the metro system serves as a catalyst, driving the prosperity and advancement of commercial real estate ventures in and around Gurgaon.”

The recent Anarock report indicates a 13 per cent increase in residential property sales in Gurugram in 2023, with 36,970 units sold. The Gurugram Metro Rail is anticipated to further accelerate this momentum, attracting more buyers to key areas such as New Gurugram, Dwarka Expressway, and the Southern Peripheral Road.

Kunal Rishi, COO, Paras Buildtech, said, “The Gurugram Metro project, is expected to make a substantial contribution to the economic development of the state.”

The daily ridership projections add another layer of optimism, estimated to be around 5,34,000 by 2026, growing to approximately 7,26,000 by 2031. The numbers are anticipated to increase to 8,81,000-10,70,000 daily riders by 2051.

Sorab Agarwal, Executive Director, ACE, said, “The new metro link with an investment of over Rs 5k crores will help build an efficient public transportation system to cater to rapidly increasing socio-economic base in the city. Ace has been at the forefront in building India's infrastructure for nearly three decades and the metro extension in Gurgaon is a welcome step, further in the process of nation building.”

As the foundation stone is laid, Gurugram is set to embark on a journey of enhanced connectivity and real estate prosperity, thanks to the visionary Gurugram Metro Rail project.